Providing details of Permanent Account Number (PAN) has been made mandatory for registrations of Land, Flat & any immovable property worth Rs 10 lakh or more. All the Sub-Registrar Offices were instructed by Stamps & Registrations Inspector General to cancel those registrations for which PAN wasn't submitted.
Already, Sub-Registrar Offices have been denying registrations if buyers and seller doesn't submit proofs of Aadhaar Number. In the same manner, PAN has been made compulsory for registrations.
Earlier, Income Tax Department used to collect details of land registration amounting to over Rs 30 lakhs. After the note ban, Stamps & Registrations Department was asked to provide details of registrations exceeding Rs 10 lakh.
Sub-Registrar Offices have been forwarding the details of registrations above Rs 10 lakh to the Income Tax department along the PAN details of buyer & seller. In that way, IT Department gets to know how much assets both the parties own.
Already, Sub-Registrar Offices have been denying registrations if buyers and seller doesn't submit proofs of Aadhaar Number. In the same manner, PAN has been made compulsory for registrations.
Earlier, Income Tax Department used to collect details of land registration amounting to over Rs 30 lakhs. After the note ban, Stamps & Registrations Department was asked to provide details of registrations exceeding Rs 10 lakh.
Sub-Registrar Offices have been forwarding the details of registrations above Rs 10 lakh to the Income Tax department along the PAN details of buyer & seller. In that way, IT Department gets to know how much assets both the parties own.